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FAO FOOD PRICE INDEX FOR JULY CLIMBS BY 6%

Date : 24 August 2012 | Source : CBU

The Food and Agriculture Organization's (FAO) Food Price Index, a measure of the monthly change in international prices of the world food commodities, has surged by up to 6 percent after three months of decline. The index got an average of 213 points as of July, which is 12 points higher compared to the previous month.

According to FAO, the severe deterioration of maize crop prospects in the United States following extensive drought damage pushed up maize prices by almost 23 percent in July. A sharp increase in the FAO Sugar Price Index was also seen in the said month, climbing by up to 12 percent, or 34 points, from June to a new level of 324 points. Another crop which has an increased price on July is wheat which surged to 19 percent.

However, the Food Price Index for the month of July is still 5 points below the all time high of 218.4 in March, 2008.